"Big Short" Investor Michael Burry Says He Was Wrong to Advise Selling; Congratulates "BTFD Generation"
Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022. Burry: ‘I Was Wrong to Say Sell’
Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.”
In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story.
“I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added in another tweet.
Moreover, Burry’s tweets before March 30, 2023, have been erased as the legendary financier has been accused of deleting tweets or resetting his Twitter account on several occasions. There is even a Twitter account called @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives covering his tweets and Twitter feed from the past few years. There have been several responses to Burry’s latest statements on March 30. “You gotta be kidding me,” one individual tweeted in response to Burry’s sell comment.
In response to Burry’s “BTFD generation” comment, one individual said, “the dollar is worthless. What do [you] expect people to do?” Another person wrote to Burry, “There may also be no generation like this one that feels the pain on the way down in the same way.” The investor is not the only well-known entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic calamity. Tags in this story Archives, Bearish, big short, big short investor, BTFD generation, consumer recession, credit card debt, Deleted Tweets, Depression, Dollar, earnings, Economic Downturn, famous entrepreneur, inflation, Investor, michael burry, michael burry inflation, Michael Burry recession, multi-year recession, pain, Panic of 1907, personal savings, Peter Schiff, prediction, Recession, response, robert kiyosaki, Scion Asset Management, Sell Off, Stock Market, subprime mortgage crisis, The Big Short, Twitter, twitter account, US economy, worthlessness
Do you think Michael Burry’s latest tweets signal a shift in his outlook for the economy, or is he simply acknowledging the resilience of the “BTFD generation”? Share your thoughts in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren"t Advisable Right Now ECONOMICS | 29 mins ago BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report ECONOMICS | 22 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleValue Locked in Defi Holds the Line at $50B, After Temporarily Shedding $8B in Mid-March Next articleTrump Cards Jump Amid Indictment, Strong Quarter for NFT Market Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms